Financial Data and Key Metrics Changes - Q2 GAAP revenue was $27 million, up from $21 million in Q1 2025 and $25 million in Q2 2024, reflecting a 30% sequential increase and an 8% year-over-year increase [5][16] - Excluding one-time adjustments, revenue grew 22% quarter-over-quarter and 4% year-over-year [5][16] - Q2 adjusted EBITDA loss was $10 million, an improvement from a loss of $16 million in Q1 2025 and a loss of $13 million in Q2 2024, representing a 36% improvement quarter-over-quarter and 17% year-over-year [6][18] - Q2 net loss was $9 million compared to a net income of $26 million in the same quarter last year, with an adjusted EBITDA loss improving by $3 million year-over-year [18] Business Line Data and Key Metrics Changes - Paying Monthly Active Users (MAU) reached 146,000, up from 124,000 in Q1 2025 and 122,000 in Q2 2024, indicating an 18% growth quarter-over-quarter and 20% growth year-over-year [5][16] - The paid user conversion rate increased to 19% in Q2 from 15% a year ago [17] Market Data and Key Metrics Changes - User acquisition marketing expenses in Q2 were $3 million, while engagement marketing expenses were $9 million, with total sales and marketing expenses down 16% year-over-year [17] Company Strategy and Development Direction - The company is focused on enhancing its platform to improve player and developer engagement, with significant progress made in loyalty programs and user experience [6][7] - A three-year commitment of $75 million has been made to support a developer accelerator program, aimed at encouraging game development for the platform [9] - The company is also pursuing litigation against competitors for alleged unfair practices, emphasizing its commitment to fair competition [14][15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to achieve positive adjusted EBITDA and highlighted the steady strides being made towards profitability [11][12] - The company believes its current valuation does not reflect the combined value of its operating platform and progress made [15] Other Important Information - The company is working to complete its financial statements for the year ended December 31, 2024, after receiving a notice from the NYSE regarding non-compliance with listing standards [3] - The company ended Q2 with $239 million in cash, providing flexibility to enhance shareholder value [19] Q&A Session Summary - No questions were registered during the Q&A session, and the call concluded without further inquiries [20]

Financial Data and Key Metrics Changes - In Q2 2025, the company reported revenue of $102 million, with adjusted EBITDA of $17.5 million, and a GAAP net loss of $20.2 million compared to a loss of $16.3 million in the previous year [5][16][17] - The company ended the quarter with $241 million in cash and investments, an increase from $217 million at the beginning of the year [5][16] - Adjusted EBITDA for Q2 2025 was lower than the previous year's $18.9 million, but the overall performance showed significant improvement compared to 2024 [17][19] Business Line Data and Key Metrics Changes - Renewable natural gas (RNG) volumes grew by 21% compared to Q2 2024, with over 61 million gallons sold [15] - The company has expanded its transit agreements, fueling over 9,000 transit buses daily across 115 locations [6][7] - The dairy RNG production business has six projects operating, with expectations for increased production by the end of the year [12][106] Market Data and Key Metrics Changes - The company noted a significant decline in new truck sales in California, down approximately 75%, due to regulatory changes and market conditions [49] - The trucking market has faced a tough year, with new equipment acquisitions down by about 50% [48] - Despite challenges, there is ongoing interest from trucking customers in sustainable equipment, indicating potential future demand [50] Company Strategy and Development Direction - The company is focused on expanding its RNG supply contracts and maintaining a steady flow of clean fuel, positioning itself as a leader in the alternative fuel space [8][14] - The company is optimistic about the heavy-duty truck market's adoption of RNG, despite current sales challenges [9][10] - The company is raising its guidance for 2025, reflecting positive trends in revenue and adjusted EBITDA, while remaining cautious about ongoing uncertainties [21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's performance despite external distractions and regulatory uncertainties [5][6] - There is optimism regarding the impact of new legislation on carbon emissions and the potential for improved carbon intensity scores [25][26] - Management acknowledged the need for clarity in regulations and market conditions, particularly regarding the adoption of new technologies [50][51] Other Important Information - The company has monetized investment tax credits (ITC) from its projects, which will provide capital inflow for ongoing developments [81][85] - The company is experiencing a ramp-up phase in its dairy RNG projects, with expectations for improved production rates in the near future [41][102] Q&A Session Summary Question: What are the implications of the 45Z bill for the company? - Management expressed optimism about the bill's potential impact, highlighting its recognition of negative carbon emissions [25][26] Question: What is the timeline for treasury guidance on the 45Z? - Management indicated that the guidance is expected to be sorted out by October or November, as the bill takes effect in January [27][28] Question: What are the challenges with the X15N engine adoption? - Management noted that while sales are not as high as anticipated, there is increasing acceptance across the market, and efforts are being made to reduce incremental costs [33][34] Question: Can you provide an update on the ramp-up of dairy projects? - Management stated that the ramp-up is progressing normally, with expectations for improved production rates by the end of the year [41][46] Question: What is the outlook for LCFS prices? - Management is optimistic about LCFS prices firming up over time, with expectations for gradual improvement [78][79] Question: How is the company addressing the increased Amazon warrant charges? - Management confirmed that the increase reflects higher fueling demand from Amazon and other trucking customers [96][99]

Financial Data and Key Metrics Changes - The trailing twelve-month revenue increased from $13.8 million to $16.7 million, reflecting a strong growth trajectory [5] - Net revenue for Q2 reached $4.4 million, up 36% compared to Q2 2024, marking the third consecutive quarter of profitability [6][9] - For the first half of 2025, revenue increased by 37% to $9.2 million from the prior year period [12] - Gross margins improved to 63% in Q2 2025 from 59% in Q2 2024, driven by reduced shipping costs and inventory reserve adjustments [10] - Net income for Q2 was $237,000, compared to a net loss of $289,000 in the same period last year [11] - Adjusted EBITDA for Q2 was positive $355,000, compared to a loss of $133,000 during the same period in 2024 [11] Business Line Data and Key Metrics Changes - The core programmatic business experienced a 40% compound growth over the past two years [7] - Protonight sales reached all-time highs, indicating the effectiveness of the recurring revenue model [7] - Active customer sites grew to over 1,600 as of June 30, 2025, slightly higher than March 31, 2025 [10] Market Data and Key Metrics Changes - Every region outperformed its first-half targets, reinforcing the resilience and scalability of the business [6] - The company is focusing on expanding into underserved verticals such as dental, government, and municipal facilities [8] Company Strategy and Development Direction - The company aims to bring new innovations to market, including the S100 micro filter and 20-inch Hydro Guard, unlocking opportunities across various sectors [8] - The strategic expansion of the sales team into non-healthcare verticals has begun to yield positive results [7] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the sustainability of growth, attributing it to a combination of initiatives including the filter tracking app and enhanced service capabilities [20][22] - The company is focused on maintaining operational discipline while continuing to protect profitability [8] Other Important Information - Research and development expenses increased to $311,000 in Q2 2025 due to higher headcount [10] - Sales, general, and administrative expenses rose by 13% to $2.2 million, driven by higher sales commissions and employee bonuses [11] Q&A Session Summary Question: What initiatives contributed to the growth in customer retention and active sites? - Management attributed growth to a combination of the filter tracking app, service capabilities, and a focused sales team that enhances customer relationships [20][22] Question: Is the current sales force sufficient to pursue growth in new verticals? - Management acknowledged the need for an expanded sales force to effectively cover both existing customers and pursue new opportunities in different verticals [24][26]

Financial Data and Key Metrics Changes - In Q2 2025, the company generated net income of $26.1 million or $0.15 per share, which includes $5.4 million of earnings impacts related to the sale of Pacific Current assets and $5.2 million of pre-tax Maui wildfire related expenses [14][15] - Consolidated core net income was $35.4 million or $0.20 per share, compared to $28.4 million or $0.26 per share in 2024 [15] - Utility core net income for the quarter was $42.5 million, down from $43.9 million in 2024, primarily due to higher wildfire mitigation program expenses and insurance costs [15] Business Line Data and Key Metrics Changes - The company has continued to simplify its business model by selling 90.1% of American Savings Bank and the Hamakua Energy Plant, with the recent sale of solar and battery energy storage facilities on Kauai, Oahu, and Maui [10][11] - The holding company reported a core net loss of $7.1 million, improved from a loss of $15.5 million in 2024, driven by lower interest expenses and higher interest income [15] Market Data and Key Metrics Changes - The company has approximately $44 million and $106 million of unrestricted cash on hand at the holding company and utility levels, respectively [16] - The holding company has $374 million in combined liquidity available under its ATM program and credit facility capacity, while the utility has $382 million of liquidity available under its accounts receivable facility [17] Company Strategy and Development Direction - The company is focused on a simpler business model centered on utility operations, divesting remaining assets, and implementing enhanced wildfire safety measures [10][12] - The legislative framework established for wildfire safety and the ongoing Maui wildfire tort litigation settlement are expected to strengthen the company's financial position [7][12] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the company's future, citing improvements in financial strength and resilience following the Maui wildfires [31][32] - The company is committed to managing metrics consistent with investment-grade ratings and expects to provide updates on capital expenditure and rate base growth later this year [12][27] Other Important Information - The Board of Directors approved a quarterly dividend of $10 million for 2025 [18] - The first settlement payment of $479 million is expected to be made in early 2026, with plans to raise funds through debt [17][24] Q&A Session Summary Question: Thoughts on derisking the second payment for the Maui wildfire settlement - Management indicated that the second payment would likely be raised in the first quarter of next year, with plans to raise funds through straight or convertible debt [22][24] Question: When will there be clarity on consolidated rate base growth and CapEx outlook - Management expects to provide updates on consolidated rate base growth and capital expenditure outlook around November this year [26][27]

Trupanion (TRUP) Q2 2025 Earnings Call August 07, 2025 04:30 PM ET Speaker0Good day, and welcome to the Trupanion Second Quarter twenty twenty five Earnings Conference Call. All participants will be in listen only mode. Please note this event is being recorded. I would now like to turn the conference over to Gil Melkior, director of investor relations. Please go ahead.Speaker1Good afternoon, and welcome to Japanion's second quarter twenty twenty five financial results conference call. Participating on today ...

Financial Data and Key Metrics Changes - Net revenue for Q4 2025 was $290.5 million, up 2% sequentially and 15.3% year over year, at the high end of guidance [6][11] - Operating margin for Q4 was 14.4%, a decrease of 230 basis points from the prior quarter but an increase of 350 basis points year over year [6][7] - EPS for Q4 was $0.13, down $0.02 sequentially but up $0.05 year over year [7][11] - Full year revenue for 2025 was $1.084 billion, up 8.4% year over year [11] Business Segment Data and Key Metrics Changes - Network and Service Enablement (NSE) revenue for Q4 was $209.1 million, up 14.8% year over year, driven by strong demand in fiber lab and production products [8][11] - NSE gross margin for Q4 was 62.2%, up 10 basis points year over year, while operating margin was 4.7%, an increase of 290 basis points year over year [8][9] - OSP revenue for Q4 was $81.4 million, up 16.6% year over year, primarily due to strength in anti-counterfeiting products [9][10] - OSP gross margin was 54.7%, up 170 basis points year over year, and operating margin was 39.4%, an increase of 460 basis points year over year [10] Market Data and Key Metrics Changes - The revenue growth was mainly driven by strong demand from the data center ecosystem and aerospace and defense sectors [11][21] - The company noted a decline in spending for wireless and cable products by NEMS and service providers, but growth was observed in aerospace and defense products [11][21] Company Strategy and Development Direction - The company is focusing on diversifying its revenue streams, with approximately 30% of revenue now coming from the data center ecosystem, a significant increase from previous years [50] - The acquisition of Inertia Labs is expected to contribute to growth in aerospace and defense, with the company prioritizing capital allocation towards M&A [13][21] - The company anticipates continued strong demand from the data center ecosystem and aerospace and defense customers, which is expected to mitigate traditional revenue seasonality [19][21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in mitigating tariff impacts, estimating a total impact of around $1.5 million, which has been largely addressed through pricing adjustments and supply chain realignment [26] - The company expects NSE revenue to be slightly up quarter on quarter, driven by strong demand from the data center ecosystem and aerospace and defense sectors [19][21] - Management indicated that the wireless business remains mixed, with healthy demand for wireless field instruments but sluggish recovery in infrastructure testing [19][41] Other Important Information - The company successfully priced and allocated a $600 million Term Loan B to fund acquisitions and general corporate purposes [16] - The company has approximately $200 million remaining under its current authorized share repurchase program [13] Q&A Session Summary Question: Impact of tariffs on revenue - Management indicated that the tariff impact is primarily on North American sales, with a total impact of around $1.5 million, which has been mitigated [26] Question: Competitive dynamics in the data center market - Management noted strong demand for their 1.6 terabit test solutions, with significant engagement from leading semiconductor vendors and optical module developers [30][34] Question: End markets performance in NSE - Management highlighted that fiber demand is driving growth, particularly from data center operators and specialty fiber companies [40] Question: Guidance for Q1 and seasonality - Management expects Q1 to be slightly up compared to Q4, driven by strong demand from the data center ecosystem, despite traditional seasonality [44][62] Question: Size of the data center business - Management indicated that approximately 30% of NSE revenue comes from the data center ecosystem, with expectations for continued growth in this segment [50] Question: Margin expectations for NSE - Management aims to move NSE operating margins into the mid to high teens as the business recovers, with long-term goals of reaching the twenties [58]

Financial Data and Key Metrics Changes - Total members increased by 52% year over year to 752,000 [4][17] - Revenue rose by 49% year over year to $61 million [5][34] - GAAP gross margin improved to 66% from 60% year over year, while non-GAAP gross margin reached 68% [5][35] - GAAP net loss narrowed to $5 million compared to $11 million in Q2 2024 [5][39] - Adjusted EBITDA loss was $200,000, significantly improved from a $7 million loss in Q2 2024 [5][39] Business Line Data and Key Metrics Changes - Member growth was driven by strong sales of GLP-1 offerings and multi-condition adoption [17][34] - The GLP-1 CareTrack program showed significant growth, contributing to overall member increases [53][54] Market Data and Key Metrics Changes - The total addressable market is estimated to be over $135 billion, with only 14% penetration in self-insured lives and 1% in Medicare Advantage [13][22] - Existing health plan partners cover approximately 156 million lives, representing a significant growth opportunity [22][23] Company Strategy and Development Direction - The company focuses on a multi-condition platform rather than point solutions, which has become a key differentiator [20][31] - Innovation is a strategic pillar, with recent launches like Omada Spark, an AI agent for member support [24][28] - The company aims to leverage AI to enhance member engagement and operational efficiency [49][50] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the ongoing momentum and the potential for growth in the GLP-1 landscape [66][88] - The company is focused on balancing growth and profitability, with strategic investments planned for the second half of the year [66][67] Other Important Information - The company ended Q2 with cash and equivalents of $223 million, a significant increase from $59 million in Q1 2025 [40] - Total debt was $31 million, which was paid off after the quarter [41] Q&A Session Summary Question: How is technology being leveraged to scale the platform? - Management highlighted the integration of AI technologies to enhance member experience and care team efficiency, with positive early data on member engagement [44][48] Question: What is the current status of the GLP-1 CareTrack program? - The program is experiencing significant growth, although it still represents a minority of total membership [53][54] Question: What is driving member growth? - Growth is attributed to successful upselling, improved outreach productivity, and the effectiveness of multi-channel marketing [60][62] Question: How does the company balance growth and profitability? - The company plans to make targeted investments while maintaining a focus on profitability, especially in the GLP-1 and AI sectors [66][67] Question: What is the competitive landscape like? - The company sees strong engagement and clinical outcomes as key differentiators in a competitive market, with a focus on proactive care and clinical evidence [75][76]

Financial Data and Key Metrics Changes - Total revenue for the second quarter of 2025 was $19,600,000, an 8% decrease compared to the same period in the prior year [19] - Surgical glaucoma revenue was $19,200,000, a decrease of 5%, primarily due to an 11% decrease in account utilization [19] - Dry eye revenue was $300,000, down from $1,100,000 in 2024, attributed to fewer SmartLid sales [19] - Gross margin was 85%, down from 86%, with surgical glaucoma gross margin at 86% compared to 88% [20] - Net loss was $11,900,000 or $0.23 per share, compared to a net loss of $12,300,000 or $0.25 per share in the prior year [21] Business Line Data and Key Metrics Changes - Surgical glaucoma segment showed a sequential growth in ordering accounts, up 6% sequentially and 4% year-over-year [11] - Surgical glaucoma utilization increased by 4% sequentially, contributing to strong quarterly performance [11] - Dry eye segment revenue decreased significantly due to a focus on achieving reimbursed market access for tear care procedures [13][20] Market Data and Key Metrics Changes - The company is experiencing a stable market environment despite headwinds from Medicare coverage restrictions [32] - The demand for minimally invasive glaucoma treatments is expected to grow, representing a significant long-term market opportunity [8] Company Strategy and Development Direction - The company is focused on securing equitable reimbursement for tier care and driving commercial momentum in MIGS through the rollout of OmniEdge [18] - Strategic initiatives include enhancing competitive positioning, investing in commercial resources, and expanding the pseudophakic standalone omni market [10] - The company aims to build on early traction with OmniEdge and improve surgeon education on standalone procedures [12][17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to drive adoption of the Omni procedure, citing a shift in surgeon mindset towards interventional glaucoma [9] - The company remains optimistic about achieving reimbursement coverage for tier care, despite delays [38][40] - Future growth is anticipated in the surgical glaucoma segment, with expectations of mid-single-digit declines in the near term [25] Other Important Information - The company has not yet received monetary damages from a patent infringement case against Alcon, and ongoing legal proceedings may impact future revenue [23][24] - The company is exploring additional third-party manufacturing locations to enhance production capabilities starting in 2026 [26] Q&A Session Summary Question: What is driving the strength in the surgical glaucoma business? - Management noted stability in the market and effective execution by the sales team, contributing to better-than-expected performance [32][34] Question: When can reimbursement wins for tier care be expected? - Management indicated that while they are working towards reimbursement wins in 2025, the timing is uncertain [38][40] Question: How is the competitive landscape evolving? - Management acknowledged ongoing competition but emphasized their strong performance and market position, particularly with the Omni product line [46][48] Question: What is the outlook for the second half of the year? - Management expects a mid-single-digit decline in surgical glaucoma revenue for Q3, with potential for growth in Q4 as they lap previous restrictions [52][53] Question: What are the obstacles to standalone MIGS adoption? - Management highlighted the need for a prescriptive approach to identify and treat specific patient populations, emphasizing the importance of education and workflow integration [92][96]

Financial Data and Key Metrics Changes - Gross bookings increased by 5% year over year, while revenue grew by 6% [6][23] - Adjusted EBITDA margins expanded by nearly two points [6][23] - Booked room nights rose by 7%, reaching 105 million [24] - Adjusted EBITDA was $908 million, with a margin of 24% [31] Business Line Data and Key Metrics Changes - B2B bookings grew by 17%, marking the sixteenth consecutive quarter of double-digit growth [9][30] - Advertising revenue increased by 19%, with a record number of active partners [9] - Brand Expedia was the largest and fastest-growing consumer brand, with multi-item attach rates at their highest since the pandemic [10] - Hotels.com bookings declined slightly, but room nights accelerated due to a brand relaunch [10] - Vrbo's room nights grew in line with the market, but bookings declined due to lower daily rates and higher cancellations [10] Market Data and Key Metrics Changes - The U.S. travel market was described as muted, with consumers at the higher end remaining resilient [7] - International revenue growth was up 13%, with notable strength in Asia, which grew almost 30% [26][30] - Bookings outside the U.S. grew by high single digits, with Brand Expedia growing 13% [17] Company Strategy and Development Direction - The company focuses on three strategic priorities: delivering more value for travelers, investing in growth opportunities, and driving operating efficiencies [10][19] - AI is leveraged across all priorities to enhance user experience and operational efficiency [14][20] - The company aims to optimize its marketing spend while continuing to invest in growth drivers [36] Management's Comments on Operating Environment and Future Outlook - Management noted an uptick in overall travel demand since July, particularly in the U.S. [8] - The company raised its annual guidance based on solid first-half performance and current trends [8][35] - Management expressed confidence in the company's ability to navigate a challenging U.S. consumer spending environment [38] Other Important Information - The company has $9.2 billion in total liquidity, including $6.7 billion in unrestricted cash [33] - Free cash flow on a trailing twelve-month basis was $2 billion, reflecting the strength of the asset-light model [33] - The company plans to continue share repurchases, with $2.3 billion remaining in the program [34] Q&A Session Summary Question: Future growth alignment with strategic priorities - Management expressed confidence in the portfolio mix and the ability to capture traffic from AI partners [40][42] Question: Hotels.com performance outlook - Management highlighted improvements from the brand relaunch and new capabilities like price alerts [48][50] Question: Marketing leverage in B2C business - Management discussed improvements in product quality and direct traffic conversion as key drivers for marketing leverage [55][56] Question: Promotional environment impact - Management noted an increase in supplier-driven promotions due to price sensitivity in the U.S. market [58][60] Question: AI's role in B2B growth - Management indicated that AI is being explored for onboarding inventory and enhancing customer support [66][70] Question: International growth potential - Management emphasized a focused approach to international markets, with strong growth in specific regions like Japan and Brazil [76][78] Question: Brand Expedia's market share - Management confirmed that Brand Expedia is taking share in various markets, supported by a strong value proposition [88][90] Question: Loyalty program performance - Management reported high single-digit growth in active loyalty members, particularly among higher-tier members [120][121]

Financial Data and Key Metrics Changes - Revenue for Q2 2025 reached $1,043 million, representing a 7% year-over-year increase as reported and a 6% increase in constant currency [5][17] - Non-GAAP operating margin was 30%, and non-GAAP earnings per share (EPS) was $1.73, up 9% year-over-year as reported and in constant currency, exceeding guidance by $0.15 [5][17] - Non-GAAP net income for Q2 was $251 million, with a cash gross margin projected at approximately 72% to 73% for Q3 [23][32] Business Line Data and Key Metrics Changes - Cloud Infrastructure Services (CIS) revenue was $71 million, up 30% year-over-year as reported and 29% in constant currency, with expectations for accelerated growth due to large contracts signed earlier in the year [6][18] - Compute revenue was $171 million, up 13% year-over-year as reported and in constant currency [18] - Security revenue was $552 million, up 11% year-over-year as reported and 10% in constant currency, with API security and Zero Trust enterprise security combined revenue at $67 million, up 48% year-over-year [20][21] - Delivery revenue was $320 million, down 3% year-over-year as reported and down 4% in constant currency, but showing improvements in pricing and traffic growth [22] Market Data and Key Metrics Changes - International revenue was $516 million, up 10% year-over-year or 8% in constant currency, representing 49% of total revenue in Q2 [22] - The company noted a positive impact from foreign exchange fluctuations, contributing $17 million sequentially and $8 million year-over-year [23] Company Strategy and Development Direction - The company is focusing on the growth of its cloud infrastructure services portfolio, particularly in AI applications, and is investing in expanding its sales capacity and partnerships [6][30] - The management highlighted the importance of security solutions in response to increasing cyber threats, particularly ransomware, and emphasized the growth potential in API security and micro-segmentation [12][78] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth trajectory of CIS, projecting a year-over-year growth rate of 40% to 45% in constant currency by year-end [18][39] - The competitive landscape has improved due to the exit of several CDN peers, allowing for better pricing and traffic trends [44] - The company anticipates a lower operating margin in the second half of the year due to investments in sales and marketing [30] Other Important Information - The company repaid $1,150 million of outstanding convertible senior notes and issued $1,725 million in new senior convertible notes [24] - The company plans to continue share buybacks to offset dilution from employee equity programs [25] Q&A Session Summary Question: Can you walk us through how the first half of the year transpired versus expectations for compute revenue? - Management noted that compute, particularly CIS, has exceeded expectations with significant customer signings, projecting a growth rate of 40% to 45% in ARR by year-end [38][39] Question: What is the competitive environment like for the delivery business? - Management indicated that the competitive landscape has changed significantly, with four major competitors exiting the market, leading to improved pricing and traffic trends [44] Question: Can you provide insight into the guidance and the impact of TikTok revenue? - Management clarified that TikTok revenue is expected to contribute approximately $40 million to $50 million, but the overall guidance reflects strength across multiple areas [56] Question: What is driving the demand for API and micro-segmentation security? - Management highlighted the increasing need for security solutions as enterprises face more vulnerabilities, with strong demand for their market-leading solutions [76][78]